Blog
Could employee ownership be the answer for your business?
Posted 2nd July 2024 at 10:27 am
The Welsh Government recently announced a significant milestone in its mission to increase the number of employee-owned businesses in Wales. The number of such businesses in Wales has doubled, reaching 74 almost two years ahead of their 2026 target. While this initiative is partly aimed at keeping Welsh businesses in Welsh hands, employee-owned business models do have other advantages. Therefore, you might wonder if employee ownership could be a good ownership model for your business. Benefits of employee ownership For businesses contemplating a change to employee ownership, the benefits are numerous: Enhanced Employee Engagement and Retention: When employees have... Read more
Child Benefit for children in Further Education
Posted 25th June 2024 at 12:25 pm
Parents of children aged between 16 and 19 years of age and continuing their education or training after their GCSEs can extend the Child Benefit they receive. If this is true for you, then HM Revenue & Customs (HMRC) should be in the process of writing to remind you about this. On their letter, it will include a QR code. If you scan this and follow the link, you will be directed to a page on GOV.UK that will allow you to easily update your claim. You should receive this letter by 17 July. If for some reason, you have... Read more
Finance options for small businesses
Posted 18th June 2024 at 2:23 pm
Shawbrook Bank recently conducted research that indicated that half of small business owners have had to raid their savings to fund their businesses. Their survey found that small businesses applying for finance from lenders over the last year said that it didn’t meet their needs. So, they were using savings and credit cards to provide the necessary funds to grow their business. For small businesses, the path of growth is often obstructed by financial constraints. Whether it’s investing in new equipment, expanding operations, or hiring more staff, accessing the right funding is crucial. Below are some viable options available to... Read more
How a General Election can affect your business
Posted 10th June 2024 at 12:41 pm
The news is currently full of reports on the general election, so much so that you may be inclined to switch off rather than hear any more about it! Regardless of what happens and who eventually wins, a general election represents a significant event that can shape the economic landscape of a country. For your business, these elections bring about a period of uncertainty and potential change. In this blog we pick apart some of the factors it is worth looking out for so that you can be prepared for any potential changes. Economic Policies and Regulation One of... Read more
Which is best: Lease, Contract Hire, or Hire Purchase?
Posted 4th June 2024 at 8:57 am
Picture this – your business is booming, and it’s time to invest in some new equipment or a company vehicle. But with so many financing options out there, how do you decide which one of them is right for you? Let’s break down three popular choices – leasing, contract hire, and hire purchase – so you can make an informed decision without getting lost in financial jargon. Lease Leasing means renting an asset (such as machinery, vehicle or computer) from a finance company for a set period. After the lease term ends, you usually return the asset, although sometimes... Read more
Important employment law changes
Posted 27th May 2024 at 8:48 am
This tax year sees several changes to employment law that businesses should make sure they are aware of, to avoid costly mistakes and potential legal action from employees. Holiday Pay On 1st April the holiday pay calculation method changed for irregular-hours and part-year workers. It is now calculated on 12.07% of the hours worked in the previous pay period, and rolled-up holiday pay is also permitted in certain circumstances. Maternity and Paternity On 6th April Maternity leave regulations changed, including redundancy protection beginning as soon as an employee tells their employer they are pregnant. If the employee is... Read more
Be on trend with your tax return
Posted 20th May 2024 at 2:10 pm
HM Revenue & Customs (HMRC) have released figures showing that 295,250 Self Assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax returns early. Last year, 246,210 returns were filed in the opening week. Tax returns do not need to be filed until 31 January 2025, however filing early does bring advantages. You get more time to budget and plan for paying your tax bill as well as peace of mind from knowing an essential... Read more
How can you save on capital gains tax?
Posted 13th May 2024 at 1:13 pm
Over the last two years, the tax-free allowance for capital gains tax has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more and more of us are likely to be affected by capital gains tax. What is capital gains tax? You could think of capital gains tax as a tax you pay when you make money from selling something that has increased in value. This “something” could be anything from a house to shares or... Read more
How might the changes to company size thresholds affect your business?
Posted 7th May 2024 at 12:14 pm
From October 2024, company size thresholds are to increase by 50%. For each company, these new thresholds will begin to apply from the start of the next accounting period commencing on or after 1 October 2024. But what are the implications of these changes to your company? The Companies Act 2006 makes requirements for what is included in the accounts that are filed at Companies House. These requirements are split into four categories or regimes based on the size of the company. These four sizes are described as micro-entity, small, medium-sized, and large. A company generally falls into one of... Read more
Procurement: Making it work for smaller businesses
Posted 30th April 2024 at 5:30 pm
The government recently published a press release congratulating its procurement department on its 10th anniversary for saving taxpayers £3.8 billion last year. Larger corporations often have dedicated purchasing departments to handle procuring supplies, services and other business purchases. Specialising in this way allows for finding or negotiating the best deals for purchases and can save businesses considerable amounts of money. Savings are welcome in businesses of all sizes, but smaller businesses may lack the resources to have a specialised purchasing function in the business. How can businesses without a dedicated purchasing department still harness the benefits of procurement? Embrace... Read more